Govt initiates 10% stake sell off in Nalco
The government has started the process of 10% stake sale in National Aluminium Company Ltd (Nalco, based in Bhubaneshwar) which may enrich the exchequer with around Rs 12,000 crore.
- Nalco is also thinking over to come out with a fresh issue of shares.
- Currently, government’s equity in Nalco is 87.15%
- The company reported a 20% decline in net profit to Rs 849.50 cr for the fiscal ended March 2012, as compared to the same period a year ago, on account of lower realization from sale of aluminium.
In the forthcoming disinvestment plans, the Union Government targets to fetch Rs 30,000 crore in the current fiscal by selling some of its stake in PSUs such as Oil India, BHEL, RINL, SAIL, Hindustan Aeronautics and Hindustan Copper.
- Due to high volatility in the market the government could not initiate the sell off process of its equity in RINL via IPO which was expected to hit the domestic market on July 3, 2012.
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Month: Current Affairs - June, 2012